Updated: There are no changes to the existing deductibility of 401(k) contributions and IRAs in the first draft of the GOP's tax reform bill, released today.
Language from a primer on the 400-plus page bill says: "The Tax Cuts and Jobs Act makes no changes to the popular retirement savings options that Americans have today – including 401(k)s and Individual Retirement Accounts, or IRAs. Americans will be able to continuing [sic] making both traditional, pre-tax contributions and 'Roth' contributions in the way that works best for them."
The Congressional Joint Committee on Taxation is expected to release a score of the "Tax Cuts and Jobs Act" as early as today. The House Ways and Means Committee is scheduled to begin marking up the bill on Monday.
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